Starting at Point B in the Diagram Below, Identify Which

question 176

Essay

Starting at point B in the diagram below, identify which combinations of points illustrate technological change.Give a brief explanation to support your answer. Alt text for Question 46: For question 46, a graph illustrating technological change.
Long description for Question 46: The x-axis is labelled, capital per hour worked, K/L.The y-axis is labelled, real GDP per hour worked, Y/L.3 concave curves originating from 0 at the vertex are shown.5 points, A ($50000, $15000), B ($60000, $16000), C ($70000, $16400), D ($60000, $17000), and E ($60000, $15000)are plotted.The curve labelled Production function 1, passes through point E.The curve labelled Production function 2, passes through points A, B, and C.The curve labeled Production function 3, passes through point D.The 5 points are connected to their respective coordinates on the x and y-axis with dotted lines.

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